People in India are five times more likely to suffer a cryptocurrency mining hack because of poor consumer awareness, according
to a new security report by Microsoft.
In its findings
published July 29, Microsoft notes that although the number of similar
attacks declined by 35% in 2019 from a year earlier, Indians, together
with Sri Lankans, remained at greater risk compared to other
nationalities within the Asia Pacific region and elsewhere in the world.
During
such attacks, victims’ computers are infected with cryptocurrency
mining malware, allowing criminals to leverage the computing power of
their machines without the owner’s knowledge.
“While recent
fluctuations in cryptocurrency value and the increased time required to
generate cryptocurrency have resulted in attackers refocusing their
efforts, they continue to exploit markets with low cyber awareness,”
said Keshav Dhakad, who heads the legal unit at Microsoft India.
Microsoft
blamed free content streaming websites, unlicensed or pirated and free
software, and a general lack of consumer education as key factors for
the decline in cyber-security in India, the world’s second most populous
country, with 1.35 billion people.
The report also found that
India recorded the third highest ransomware attacks throughout the
region, which was two times higher than the regional average.
“While
overall cyber hygiene in India has improved, we believe there is more
to be done,” Dhakad observed. “Consumer education is important – users
should regularly patch and update programs and devices and be able to
identify unsafe websites and illegitimate software,” he added.
Cyber
criminals have also weaponized the Covid-19 pandemic, adapting and
upgrading attack methods, to steal from unsuspecting victims.
Since
the outbreak, data has shown that every country in the world has seen
at least one coronavirus-themed attack, “and the volume of successful
attacks in outbreak-hit countries is increasing, as fear and the desire
for information grows,” said Microsoft.
The report’s findings are
derived from an analysis of diverse Microsoft data sources, including
eight trillion threat signals received between January to December last
year.
Ransomware attacks are reportedly costing businesses
billions of dollars each year, in blackmail payments. On July 28, CWT,
one of the biggest travel companies in the U.S., paid 414 bitcoin or $4.5 million in bitcoin to hackers who hijacked the firm’s computer system, stealing sensitive corporate data.
What do you think about the hacking threat in India? Let us know in the comments section below.
source link : https://news.bitcoin.com/indians-five-times-more-likely-to-suffer-crypto-related-hacks-report/
